Sam Bankman-Fried Won’t Contest US Extradition: Reports

FTX founder and former chief executive Sam Bankman-Fried will no longer contest extradition to the U.S. from the Bahamas, multiple media outlets have reported, citing sources familiar with the matter.

Bankman-Fried was arrested in the Bahamas following a U.S. request Dec. 12, after the crypto exchange's Nov. 11 bankruptcy filing. He faces charges from the Department of Justice, Securities and Exchange Commission, and Commodity Futures Trading Commission, including allegations that he misused customer funds and misled investors.

The change of heart ahead of a hearing due later Monday, was reported by Reuters, CNBC and the Washington Post, who cite sources familiar with the matter and officials at the Bahamas’ Fox Hill prison, where Bankman-Fried currently is.

After being refused bail, Bankman-Fried faced being held at at the jail until an extradition hearing on Feb. 8 in conditions known to be dangerous and overcrowded.

Read more: FTX Founder Sam Bankman-Fried Formally Charged With Conspiracy, Fraud in US Court